Robinhood and Meta adopt an Ethereum scaler token
Among the top 20 cryptocurrencies by market cap during the past week, Polygon (MATIC) has experienced the biggest growth.
The price of MATIC, the cryptocurrency powering Polygon’s Ethereum scaling network, has increased by 10.5% in the last week.
According to information from CoinMarketCap, MATIC is currently trading at about $0.8941, up 7.3% over the last 24 hours.
Additionally, according to statistics from Coinglass, short trades on MATIC totaling $7.4 million have been closed out over the past week. Over the same time period, long holdings worth $5.1 million were closed out.
Despite a strong weekly performance, according to statistics from CoinMarketCap, MATIC is down 69.45% from its all-time highs of $2.92 set in December 2021.
Week of strength for MATIC
The upward price movement of Polygon coincides with a number of notable brand collaborations.
For instance, trading app Robinhood recently announced its integration with Polygon.
MATIC can now be deposited and withheld on the Polygon network by Robinhood users.
According to the company’s release, support for additional assets will shortly be added.
This was a tweet by Robinhood;
“Hey! You can now send and receive MATIC on the Polygon network in addition to the Ethereum network,“Support for more cryptocurrencies on more networks coming soon.”
Additional coins will soon be supported on more networks, Polygon now has support on OpenSea, the largest NFT platform in the market based on trade volume.
The integration will enable customers to pay using MATIC in addition to reducing minting and listing costs.
Finally, Mark Zuckerberg’s Meta has introduced a new cross-posting option employing Polygon-based NFTs between Facebook and Instagram.
The new functionality is primarily driven by “interoperability in the metaverse,” the business claims.